Semiconductor Co-Investment

Program Announcement

David Zinsner Keyvan Esfarjani

Executive Vice President and Executive Vice President and
Chief Financial Officer Chief Global Operations Officer

1
• Forward-Looking Statements. This presentation contains certain forward-looking statements related to the proposed transactions between Intel and
Brookfield and certain of their affiliates, including statements regarding the benefits and the timing of the transactions, and to our Semiconductor Co-
Investment Program (SCIP) and Smart Capital program. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,”
“likely,” “may,” “plan,” “potential,” “project,” “predict,” “seek,” “should,” “target,” “would” and “will” and variations of such words and similar expressions
are intended to identify such forward-looking statements. Such statements are based on management’s expectations as of the date they were first
made and involve risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those
expressed or implied in our forward-looking statements. Such risks and uncertainties include, among others, uncertainties as to the timing of the
consummation of the transactions and the potential failure to satisfy the conditions to the consummation of the transactions, including the receipt of
CFIUS approval; the availability of government incentives and other legislation, including the CHIPS and Science Act of 2022; business
interruptions related to our supply chain; delays, disruptions, challenges or increased costs in Intel’s construction or manufacturing expansion at its
Ocotillo campus in Chandler, Arizona, whether due to events within or outside of Intel’s control; expected benefits, including financial benefits, of the
transactions or the Smart Capital strategy may not be realized; litigation related to the transactions or otherwise; unanticipated costs may be incurred
or undisclosed liabilities assumed; risks related to diverting management’s attention from Intel’s ongoing business operations; potential adverse
reactions or changes to business relationships resulting from the announcement or completion of the transactions; and other risks detailed in Intel’s
filings with the Securities and Exchange Commission (the “SEC”), including those discussed in Intel’s most recent Annual Report on Form 10-K and
in any subsequent periodic reports on Form 10-Q and Form 8-K, each of which is on file with or furnished to the SEC and available at the SEC’s
website at www.sec.gov. SEC filings for Intel are also available on Intel’s Investor Relations website at www.intc.com. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of the date they were first made. Unless otherwise required by
applicable law, Intel and Brookfield undertake no obligation and do not intend to update these forward-looking statements, whether as a result of new
information, future events or otherwise.
• Non-GAAP Measure. This presentation includes the non-GAAP measure adjusted free cash flow. We believe this non-GAAP financial measure is
helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our
business. We are unable to provide a full reconciliation of this measure to the corresponding GAAP measure without unreasonable efforts, as the
amount and timing of related adjustments on a long-term basis are subject to considerable uncertainty, depend on various factors, and could be
material to our results computed in accordance with GAAP. We believe such a reconciliation would also imply a degree of precision that is
inappropriate for these forward-looking measures. This non-GAAP financial measure should not be considered a substitute for, or superior to,
financial measures prepared in accordance with GAAP.
• © Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be
claimed as the property of others. 2
Shell First Effective Use of 3rd Customer Government Semi Co-Invest
Strategy Party Foundry Commitments Incentives Program

3
4
Details

Equity Partners Equity

Contributions
Intel 51%

Brookfield 49% Cash

Project Benefits Distributions

Operator Operations and

IP Control

Intel

5
 Financial Benefits
Construction Production Phase
Phase

Adj. FCF – SCIP Model

Earlier
Break-even

Financial Accounting Adj. FCF – Traditional Model

Note: For illustrative purposes only

*Adjusted free cash flow is operating cash flow adjusted for 1) additions to property, plant and equipment, net of proceeds from capital grants and partner contributions,
2) payments on finance leases, and 3) proceeds from the McAfee equity sale 6
 Long-term capital intensity to ~25% Strong balance sheet
Net Capital Intensity %
(Net Capex / Revenue)

2021 2022 2023 2024 2025 2026

7
 Customer Government
Cash from Operations Equity Partners Debt
Commits Incentives
Sources
of Funding

Capacity & Product R&D, Software R&D, Dividend &

Technology Development Other Human Capital Acquisitions

Uses
of Funding

8
&

9
 Semiconductor Co-Investment
Government Capital Grants Customer Prepayments
Program

▪ Consolidated net income/(loss)

reduced/(increased) by "below-the-
▪ Contra Depreciation ▪ No impact line" adjustment for net income/(loss)
attributable to non-controlling interest
share of equity

▪ Cash ▪ Consolidate 100% of assets/liabilities

▪ Cash
▪ Other long-term liabilities or contract ▪ Non-controlling interest is a component
▪ Contra PP&E
liabilities of equity

▪ CFI: Additions to PP&E ▪ CFO: Changes in other assets and ▪ CFI: Additions to PP&E
▪ CFI/CFF: Proceeds from government liabilities or changes in prepaid ▪ CFF: Contributions/(Distributions)
grants customer supply agreements from/(to) partners

▪ Proceeds from government grants ▪ Partner contributions/(distributions)

▪ Included via Operating cash flows
offset against additions to PP&E offset against additions to PP&E

11